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CAPITALAND COMMERCIAL TRUST Second Quarter 2019 Financial Results – Additional Information 17 July 2019 Singapore Office Market

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CAPITALAND COMMERCIAL TRUST Second Quarter 2019 Financial Results – Additional Information 17 July 2019 Singapore Office Market CAPITALAND COMMERCIAL TRUST Second Quarter 2019 Financial Results – Additional Information 17 July 2019 Singapore Office Market CapitaGreen, Singapore Annual new supply to average 0.8 mil sq ft over 5 years; CBD Core occupancy at 95.8% as at end June 2019 Singapore Private Office Space (Central Area) (1) – Net Demand & Supply 3.0 Forecast average annual 2.7 Post-Asian financial crisis, SARs & GFC - gross new supply 2.5 weak demand & undersupply 2.2 (2019 to 2023): 0.8 mil sq ft 1.9 1.9 2.0 1.7 1.8 CapitaSpring 1.8 1.61.6 1.7 1.5 1.4 1.5 1.3 1.4 1.3 1.4 1.0 1.1 0.9 1.0 0.8 0.7 0.7 0.6 0.6 0.5 0.4 0.4 0.5 0.5 0.4 0.3 0.2 0.3 0.1 0.2 0.2 0.16 -0.8 -0.6 0.0 sq ft million sq ft 0.0 -0.03 -0.1 -0.1 -0.10 -0.5 2000 2001 2002 2003 2004 2005 2006 -0.72007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 1Q 2019F 2020F 2021F 2022F 2023F -1.0 2019 -1.5 -1.4 -2.0 Net Supply Net Demand Forecast Supply Periods Average annual net supply(2) Average annual net demand 2009 – 2018 (through 10-year property market cycles) 1.1 mil sq ft 0.8 mil sq ft 2014 – 2018 (five-year period post GFC) 1.0 mil sq ft 0.6 mil sq ft 2019 – 2023 (forecast gross new supply) 0.8 mil sq ft N.A. Notes: (1) Central Area comprises ‘The Downtown Core’, ‘Orchard’ and ‘Rest of Central Area’ (2) Supply is calculated as net change of stock over the quarter and may include office stock removed from market due to conversions or demolitions. (3) Source: Historical data from URA statistics as at 1Q 2019; Forecast supply from CBRE Research as at 1Q 2019. 3 CapitaLand Commercial Trust Presentation July 2019 Known future office supply in Central Area (2019 – 2022) Expected Proposed Office Projects Location NLA (sq ft) completion 2019 HD 139 (139 Cecil Street) Shenton Way 84,000 2019 9 Penang Road (Park Mall Redevelopment)(1) Orchard Road 381,000 Subtotal (2019): 465,000 1Q 2020 Oxley@Raffles (Chevron House asset enhancement initiative) Raffles Place 313,000 1H 2020 79 Robinson Road(2) Robinson Road 514,000 2Q 2020 Hub Synergy Point Redevelopment Anson Road 128,000 2020 Afro-Asia I-Mark Shenton Way 154,000 Subtotal (2020): 1,109,000 1H 2021 CapitaSpring(3) Raffles Place 635,000 Subtotal (2021): 635,000 2022 Land parcel at Central Boulevard (Central Boulevard Towers) Raffles Place/Marina 1,260,000 2022 Guoco Midtown City Hall 565,600 Subtotal (2022): 1,825,600 TOTAL FORECAST SUPPLY (2019-2022) 4,034,600 Total forecast supply excluding strata offices 4,034,600 Notes: (1) According to The Straits Times dated 17 Apr 2019, the Park Mall Redevelopment is fully committed with UBS taking up 381,000 sq ft of NLA (2) According to BT Report dated 13 July 2018, about 50,000 sq ft has been committed. (3) CapitaSpring reported committed take-up by JPMorgan for 24% of the development’s office NLA (4) Sources: CBRE Research and respective media reports 4 CapitaLand Commercial Trust Presentation July 2019 Frankfurt Office Market Gallileo, Frankfurt, Germany Take up and vacancy rate Frankfurt property fundamentals sound; banking district vacancy rates declined from 6.3% in 2017 to 3.9% in 2018 Frankfurt Office and Banking District Take-up and Vacancy Rates • Take-up in Frankfurt and Banking District registered significant increase in year 2017; the highest level since year 2000 • Vacancy rates have steadily declined to record lows of the past decade; overall vacancy rate for Frankfurt was 7.5% in 1Q 2019. Take-up (1,000 sqm) Vacancy Rate (%) 800 20.0% 700 18.0% 16.0% 600 14.0% 500 12.0% 9.5% 400 10.0% 7.8% 7.5% 300 6.3% 8.0% 6.0% 200 3.9% 4.0% 100 2.0% 0 0.0% 2010 2011 2012 2013 2014 2015 2016 2017 2018 1Q 2019 Banking District Take-up Non-Banking District Take-up Banking District Vacancy Rate Frankfurt Office Vacancy Rate Note: (1) Office take-up in Frankfurt for Q1 2019 was 85,300 sqm. Data for breakdown of banking and non-banking district was not available. Source: Commissioned report by CCT from CBRE Research, Frankfurt Q4 2018 CapitaLand Commercial Trust Presentation July 2019 6 New supply Relatively low levels of new office supply in Frankfurt New Supply in Banking District (2019F New Supply in Frankfurt (2019F to 2020F) to 2020F) • Past year’s completion volume far below 10-year average • About 59% of Banking District’s • Future supply pipeline until 2019F at relatively low levels with good pre-letting; new supply has been committed further decrease of available space expected 1,000 sqm 1,000 sqm 350 350 Actual New Supply Forecast New Supply 300 300 250 250 8-Year Average: 200 176,000 sqm 200 150 150 100 100 50 50 0 0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019F 2020F 2021F 2019F 2020F Non-Committed New Supply Banking District New Supply Non-Banking District New Supply Committed New Supply Source: Commissioned report by CCT from CBRE Research, Frankfurt Q4 2018 7 CapitaLand Commercial Trust Presentation July 2019 Frankfurt office market rents Frankfurt’s office market is characterised by stable and resilient rents • Frankfurt has the highest rent in comparison to major cities in Germany across the past 10 years • Prime office rent in Frankfurt has been resilient through property cycles • Positive supply-demand dynamics will support prime office rents in Frankfurt €/sqm/month 48.00 Frankfurt 44.00 42.00 41.00 40.00 40.00 36.00 32.00 28.00 24.00 20.00 16.00 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 1Q 2019 Frankfurt Berlin Düsseldorf Hamburg Munich Source: CBRE Research, Frankfurt Q1 2019 8 CapitaLand Commercial Trust Presentation July 2019 Additional Information Raffles City Singapore 1H 2019 Gross Revenue higher by 3.2% YoY Higher gross revenue mainly from Asia Square Tower 2, Gallileo and 21 Collyer Quay S$ million 1H 2018 1H 2019 54.9 51.5 45.9 45.8 35.9 36.5 34.7 33.5 Divested on 29 Aug 2018 13.3 11.4 10.2 9.4 6.0 5.3 0.8 - (1) Asia Square CapitaGreen Capital Tower Six Battery Road 21 Collyer Quay Gallileo Bugis Village (2) Twenty Anson Tower 2 Notes: (1) CCT owns 94.9% of Gallileo which contributed revenue and income from 19 June 2018. The reported figure is on 100.0% basis. (2) Bugis Village returned to the State on 1 April 2019 10 CapitaLand Commercial Trust Presentation July 2019 1H 2019 Net Property Income higher by 2.1% YoY Net property income lifted by Asia Square Tower 2, Gallileo and 21 Collyer Quay S$ million 1H 2018 1H 2019 42.0 39.3 37.4 36.7 27.7 28.0 27.7 26.2 Divested on 29 Aug 2018 11.3 11.1 10.2 7.1 4.7 2.9 0.8 - (1) (2) Asia Square CapitaGreen Capital Tower Six Battery Road 21 Collyer Quay Gallileo Bugis Village Twenty Anson Tower 2 Notes: (1) CCT owns 94.9% of Gallileo which contributed revenue and income from 19 June 2018. The reported figure is on 100.0% basis. (2) Bugis Village returned to the State on 1 April 2019. 11 CapitaLand Commercial Trust Presentation July 2019 1H 2019 performance of joint ventures (100.0% basis) Notes: (1) CCT owns 60.0% interest in Raffles City Singapore. (2) CCT owns 50.0% interest in OGS LLP 12 CapitaLand Commercial Trust Presentation July 2019 CCT is largest commercial REIT in Singapore by market cap, listed since May 2004 S$8.2b(1) 9 properties (2) 625 S$11.3b(3) About 4.6 million sq ft(4) Market 8 properties in Singapore Tenants Deposited NLA (100% basis) Capitalisation and one in Germany Property One George Street Capital Tower CapitaGreen (50.0% interest) Gallileo 21 Collyer Quay Raffles City Singapore CapitaSpring Asia Square Tower 2 Six Battery Road (94.9% interest) (HSBC Building) (60.0% interest) (45.0% interest) Notes: (1) Market Capitalisation based on closing price of S$2.18 per unit as at 16 July 2019 (2) As at 30 June 2019 (3) As at 30 June 2019 (4) Excludes CapitaSpring, currently under development and targeted for completion in 1H 2021 13 Owns 8 centrally-located quality commercial properties in Singapore New integrated development, CapitaSpring in Raffles Place under construction 21 Collyer Quay 7 (HSBC Building) Capital Tower CapitaGreen One George 1 3 5 Street (1) Asia Square Six Battery 6 Raffles City (3) 2 Tower 2 4 Road Singapore (2) 8 CapitaSpring Notes: (1) CCT has 50.0% interest in One George Street. (2) CCT has 60.0% interest in Raffles City Singapore. (3) CCT has 45.0% interest in CapitaSpring. 14 CapitaLand Commercial Trust Presentation July 2019 Gallileo located in Frankfurt’s prime banking district Gallileo (94.9% interest) By Foot (3-10 minutes) – Willy-Brandt-Platz underground – Main railway station – Taunusanlage suburban railway stop By Car (3-20 minutes) – Main railway station – Airport 15 CapitaLand Commercial Trust Presentation July 2019 77% of gross rental income contributed by office and 23% by retail and hotel & convention centre CCT’s gross rental income contribution by sector Hotels & Convention Centre, 10% Office, 77% Master lease to Mainly hotel operator with Gross Rental approximately 75% from 60.0% Income of rent on fixed 1H 2019 interest in basis Raffles City Retail, 13% Based on gross rental income from 1 January 2019 to 30 June 2019; including contribution from CCT’s 60.0% interest in Raffles City Singapore, 50.0% interest in One George Street; and 94.9% interest in Gallileo, Frankfurt; and excluding retail turnover rent CapitaLand Commercial Trust Presentation July 2019 16 Portfolio diversification with income contribution from 9 properties Raffles City Singapore and six Grade A offices contributed 93% of Portfolio NPI One George Street Bugis Village, 1% (50%), 4% Galilleo, Frankfurt (94.9%), 5% Raffles City Singapore (60%), 24% HSBC Building, 6% Six Battery Road, 11% Net Property Income June 2019 Capital Tower, 13% Asia Square Tower 2, 19% CapitaGreen,
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